Why my money received is being hold for 21 days?

[theshirtgirl]

How can i cancel this??????????????? i did nothing wrong.. this is so inconvient for me....

[kernowlass]

@Sawilagaz

   I can give you the facts but not the intelligence to understand them.

Who said anything about ''just being'' new sellers?

I posted this earlier   >>>

Reasons why you may have returned to the hold possibly are >>>

1. New seller.

2. Not sold for a while and returned to selling.

3. Dipped star ratings on ebay.

4. Recent buyer disputes.

5. Selling on a different email address or ebay i.d.

6. Suddenly selling high cost or risky items unlike your normal selling pattern.

(Last one happened to me when I sold a high priced phone)....but only for the one item.

[rldj]

From RBryant:

On ANY transaction involving PapPal payment from a customer, and a "HOLD" on payment from PayPal, I have simply started refunding payment back to the customer with the explaination that PayPal is placing such unwarranted holds on THEIR funds, and that such a policy is totally unacceptable to us as a merchant. They are then given the opportunity to re-submit payment by some method not involving a HOLD period and we will then ship the merchandise. Otherwise, the transaction is cancelled entirely. When enough BUYERS ad SELLERS are fed up enough with PayPal and their stupidity, they will either be forced out of business or forced to change this idiotic policy.

This sounds like a reasonable solution. Can you do this without incurring negative feedback from the buyer?

[NoNameGuy]

As a buyer, I also do not think this is fair.  The Ebay seller, in an unusually large transaction, is not willing to ship until he has the money credited to his PayPal account, and I understand that reluctance.  At the same time, I would like my item. 

The seller is saying he will cancel the transaction if the funds are not paid quickly.  Any suggestions from this community? 

(The seller made me aware of this part of the forum.)

[kernowlass]

@NoNameGuy

The sooner the seller sends your item the sooner the funds are released. They are released when tracking shows the item as delivered + 3 days.

The seller is at no more risk of a dispute than if he had the money in his paypal balance so there is no reason why he can't ship.

As its the new seller hold the seller will have to go through it whether he likes it or not or he won't be allowed to sell.

If he makes buyers wait then he is going to get disputes for non receipt of item or neg feedback for late shipping and that would impact on his account.

When a buyer files a dispute IF the seller refuses to refund then paypal refund the buyer under buyer protection and then they have to chase the seller to get their money back........so for new sellers they hold it for a while until the seller has a reasonable seller reputation. Whereas new sellers may not care less.

This is because sellers that have sold for a while are less likely to take the money and not bother to refund buyers for items lost in the post etc.

You have paid, if a seller of mine refused to ship promptly then he would get a dispute and appropriate neg feedback.

EVERY single seller on ebay have gone through this process and as most of us understood why we realised it was a neccessary evil.

[whiskeyjack]

New seller tag doesn't hold with me. I have been selling buying continuously with only few days gap at most. Yet I got a hold suddenly especially on a laptop I got to send before money is released and that is no no for me, so nowi will cancel the payment from buyer and onus is on PayPal. Thanks for losing a seller/buyer

[RBryant]

"Won't be ALLOWED to sell".....

Since when does PayPal control the entire world economy ?  What an arrogant load of BS.

You are right, we ALL go through the process.  That still does not explain why PayPal is holding the funds of those of us who went through that process YEARS ago and have nothing but positive feedback on a continual sales record.  Excuses, excuses, excuses........... All nonsense.

[Sawilagaz]

The sooner the seller sends your item the sooner the funds are released. They are released when tracking shows the item as delivered + 3 days.

...So why, then, since i have a tracking number and it has been recieved, is my money still on hold? Ship is going down...and don't tell me you're not paid by Paypal...c'mon.

[PatrickDoyle]

I believe it is illegal for PayPal to hold our money, without justification, for up to 21 days AND not pay interest on our money they are illegally holding. I am so upset with this company ripping us off. We are a new business who now may have a problem shipping our orders because this greedy company wants to scam us and make even more money on our backs.

This was not clearly explained when the account was setup. The fact that you can process EFT’s in seconds and then hold our money for 21 days so you can make more interest is criminal and should be prosecuted to the fullest extent of the law. Perhaps a designation of Class-Action might knock you off your high horse!

Any takers in starting a action?

They are breaking the law in many states!

"PayPal Inc. is licensed as an FT2 license #FT20800093 money transmitter. Under chapter 560 part 2 a money transmitter licensed in the state of Florida is not allowed to hold funds for more than 10 days from receipt. Hundreds of other PayPal businesses are suffering due to this absurd practice. Just search on google “PayPal rolling reserve” and you will find thousands of instances."

UPDATE: Class Action already started:

PayPal is settling a class action lawsuit over their policy of holding funds.

"According to the PayPal settlement documents, the revised deal would provide benefits to more than 100 million PayPal account holders. The proposed settlement will require PayPal to make changes to its business practices and enhance the disclosures on its website to provide more information about holds, reserves and limitations.

Under the terms of the proposed class action settlement, PayPal will pay at least $1.8 million to Class Members who had holds or reserves placed on their accounts. Approximately 10.5 million PayPal users may be eligible for payment from the PayPal settlement. PayPal will also pay up to $800,000 to Class Members who have documentation of actual damages."

September 10, 2015

PayPal Users Seek Approval of $3.2M Class Action Settlement over Held Funds

http://topclassactions.com/lawsuit-settlements/lawsuit-news/155030-paypal-users-seek-approval-of-3-2...

Yesterday, plaintiffs asked a federal judge to approve a revised class action settlement that would resolve allegations PayPal Inc. improperly placed holds on funds held in PayPal accounts in violation of the Electronic Fund Transfer Act.

According to the motion seeking approval of the PayPal class action settlement, the release was narrowed without reducing any benefits to the Class Members, addressing the concerns brought up by the judge who rejected the first version of the deal earlier this year. If approved, the PayPal settlement would resolve a class action lawsuit filed against PayPal and eBay in 2010 over the fund holding policy.

[PatrickDoyle]

http://topclassactions.com/lawsuit-settlements/lawsuit-news/155030-paypal-users-seek-approval-of-3-2...

[BECKA_S_B]

  If you could please tell me how to sign up for the class action settlement I would appreciate it. Thank you very Much  my email is  I was sent an e-mail but could not seem to bring up what I need to sign up for it. Thanks again. BECKY-S-B